Mumbai Sees Significant Rise in Property Registrations During October 2024
The real estate market in Mumbai witnessed a 22% year-on-year increase in property registrations for October 2024, with a notable surge in high-value transactions. Properties priced below Rs 50 lakh saw a decline in registrations, illustrating a shift tow
Mumbai Property MarketHighvalue TransactionsReal Estate RegistrationsFestive SeasonHighend InvestmentsReal Estate NewsNov 04, 2024
Experts in the real estate sector highlight that residential properties led this growth, accounting for 80% of the total registrations. This underscores the strong and consistent demand for housing in the city. Notably, high-value properties saw a significant uptick, with transactions for properties priced above Rs 2 crore reaching 2,876 units. This represents 22% of total registrations, up from 18% in October 2023. Industry analysts note this trend as a growing consumer preference for premium properties, reflecting the resilient nature of Mumbai’s real estate market.
However, real estate specialists also observed a contrasting trend in the lower end of the market. Registrations for properties priced below Rs 50 lakh fell from 27% in October 2023 to 20% in October 2024. This shift indicates a move towards mid-to-high-end property investments, reflecting evolving market dynamics and a clear inclination towards higher-value investments.
Frequently Asked Questions
What is the percentage increase in property registrations in Mumbai for October 2024 compared to October 2023?
Mumbai saw a 22% year-on-year increase in property registrations for October 2024 compared to October 2023.
What percentage of total registrations were high-value properties priced above Rs 2 crore in October 2024?
Properties priced above Rs 2 crore accounted for 22% of total registrations in October 2024.
How did the registrations for properties priced below Rs 50 lakh change from October 2023 to October 2024?
Registrations for properties priced below Rs 50 lakh fell from 27% in October 2023 to 20% in October 2024.
What factors contributed to the surge in property registrations during October 2024?
The surge in property registrations during October 2024 is attributed to the heightened demand during the festive season, particularly Dussehra and Diwali, which are considered auspicious times for property investments.
What does the shift towards mid-to-high-end property investments indicate about the Mumbai real estate market?
The shift towards mid-to-high-end property investments reflects evolving market dynamics and a clear inclination towards higher-value investments, indicating growing confidence and aspirational buying among Mumbai homebuyers.
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